Connect with us

Education

Reps to Probe Schools Charging Fees in Dollar

Published

on

By Modupe Gbadeyanka

Schools operating in Nigeria, but charging fees in foreign currencies may be in for a big trouble if the move by the House of Representative is anything to take seriously.

This is because the lower chamber of the National Assembly has vowed to investigate educational institutions charging fees in foreign currencies despite the Central Bank of Nigeria (CBN) making it illegal.

On April 17, 2015, the CBN, in a bid to reform the currency regulations, issued a circular stating that it was illegal to price or denominate the cost of any product or service (visible or invisible) in any foreign currency in Nigeria other than the Naira.

This it said was in pursuant to Sections 15, 20(1) and (5) of the CBN Act.

But despite this, some schools operating in Nigeria still collect fees in foreign currencies, especially in the United States Dollar.

Worried by this, a lawmaker from Ekiti State, Mr Kehinde Agboola, moved a motion that something must be done to stop the illegality.

Mr Agboola alleged that American International School, Abuja (AISA) and others in Nigeria were charging school fees in Dollar.

“Even when the AISA is inclined to collect the fees in Naira, it disregards the extant financial regulations and can accept the Naira only on the parallel market rate and on the prevailing rate for the day.

“It is however of concern that the use of the parallel market rate to determine the amount of fees to be collected in Naira entails that parents pay school fees at different rates, depending on the rate in the black market, and at such, parents of children in the same class end up paying different fees for their wards, depending on the day the payment was made.

“Furthermore, the insistence on collecting fees on the prevailing black market rate amounts to a malicious rip off that the AISA and other International Schools have been perpetrating on hapless Nigerians.

“Cognizance must however be taken of the fact that all efforts by parents to make the school authorities to standardize the payment in Naira have been rebuffed and if the practice is not squarely addressed, may embolden other business outfits to adopt the same practice of denominating their goods and services in foreign currencies, contrary to the laws of the land,” the lawmaker said on the floor of the House.

After deliberations on the matter, the House of Reps directed its committee on Basic Education and Services to look into it and submit its within four weeks for further legislative action.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Education

Student Loan: NELFUND Investigates 34 Schools Over Withheld Tuition Refunds

Published

on

NELFUND

By Adedapo Adesanya

No fewer than 34 tertiary institutions are under investigation by the Nigerian Education Loan Fund (NELFUND) over allegations that they withheld refunds from students after receiving duplicate tuition payments under the federal government’s student loan programme.

Speaking during an interview with ARISE NEWS on Sunday, the Managing Director of NELFUND, Mr Akintunde Sawyerr, explained that the agency acted after receiving numerous complaints and petitions from affected students.

According to him, the investigations are being carried out in collaboration with anti-corruption agencies, the National Association of Nigerian Students (NANS), internal auditors and other stakeholders to determine the extent of the alleged infractions and ensure students receive the refunds due to them.

“I can tell you that there are about 34 institutions that we are looking at at the moment because of the number of petitions we’ve received,” Mr Sawyerr said.

He explained that the issue arose because President Bola Tinubu directed the immediate rollout of the student loan scheme in the middle of an academic session rather than waiting for a new academic year.

As a result, many students had already paid their tuition before NELFUND later settled the same fees directly with their institutions, leading to double payments.

“What happened is that a lot of schools got double payment—some from the students and some from us. The institutions that received the duplicate payments are responsible for refunding the students,” he said.

Mr Sawyerr noted that many beneficiaries urgently need the refunds because they borrowed money from parents, relatives or other sources to pay their fees before accessing the loan scheme.

While commending some institutions for promptly refunding affected students, he said others had delayed the process, although NELFUND was still investigating whether the delays were deliberate or caused by administrative shortcomings.

Mr Sawyerr said the agency is developing a token-based payment system that will allow students to authorise tuition payments directly at their institutions using their mobile phones as a way of blocking any reoccurrence.

He also explained that NELFUND deliberately pays tuition fees directly to schools instead of students to prevent the diversion of education funds for other purposes.

The NELFUND boss also admitted that the agency lacks the legal authority to compel institutions to make refunds or prosecute offenders, noting that many frustrated students have also submitted petitions to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

He added that NELFUND recently deployed a multi-agency team, including officials from the EFCC, ICPC, NANS and the agency’s internal auditors, to investigate one of the institutions accused of withholding refunds.

Mr Sawyerr also revealed that NELFUND has refused to approve excessive tuition increases by some institutions, insisting that the agency would not fund unjustified fee hikes while continuing efforts to improve transparency in the student loan programme.

Continue Reading

Education

Oriire Abduction: Oyo NUT Suspends Strike, Directs Teachers to Resume

Published

on

Oyo Teachers' Day

By Modupe Gbadeyanka

Teachers in Oyo State have been directed to resume work from Thursday, July 2, 2026, by the state’s chapter of the Nigeria Union of Teachers (NUT).

Public school teachers earlier withdrew their services in the state following the abduction of their colleagues and pupils in the Oriire local government area of Oyo State by some terrorists almost two months ago.

In a statement on Wednesday, July 1, 2026, signed by the union’s scribe in Oyo State, Mr Olukayode Salami, it was disclosed that the industrial action by the teachers was suspended after “renewed engagements with the state government and assurances over measures to improve security after the abduction of teachers and learners in Oriire Local Government Area.”

In the statement also signed by its Oyo State Chairman, Mr Hassan Ajibola Fatai, the group announced that the suspension followed a directive from its national leadership after reviewing the prevailing security situation and considering appeals by the Oyo State Government and other key stakeholders.

It directed all public primary and secondary school teachers across the state to resume official duties from Thursday, July 2, 2026, bringing an end to the industrial action that was declared in response to the kidnapping of teachers and students in Oriire Local Government Area.

According to the statement, the decision was taken in the collective interest of teachers, learners and the general public after the government assured the union that sustained efforts were underway to secure the safe release of the abducted victims and strengthen security around schools and surrounding communities.

The association further disclosed that the government had made several commitments aimed at preventing future attacks, including intensified rescue efforts for the abducted teachers and learners, the establishment of a well-equipped Joint Security Task Force to patrol vulnerable schools and access routes, continuous engagement with affected families, psychosocial support and rehabilitation for rescued victims, and payment of gratuities and other entitlements to the families of deceased teachers.

Other commitments include strengthening the Safe School Initiative through public sensitisation and early warning systems, improving emergency response mechanisms, addressing criminal hideouts, upgrading school infrastructure, tackling illegal mining and open grazing in forest reserves, enhancing community intelligence gathering, ensuring speedy prosecution of criminal suspects, improving the welfare of security personnel, and deploying technology to bolster school security.

Oyo NUT commended its members, as well as the All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS) and the Association of Primary School Head Teachers of Nigeria (AOPSHON), for their discipline, solidarity and compliance throughout the period of the industrial action, describing their support as instrumental in advancing the welfare and security of teachers and learners.

While directing members to return to the classrooms, the union urged teachers to remain vigilant, obey the law and promptly report any security threats within their schools and communities to the appropriate authorities.

The NUT reaffirmed its commitment to protecting the welfare and security of teachers, stressing that it would continue engaging the government until all outstanding concerns regarding the safety of teachers and students are fully addressed.

Continue Reading

Education

Rite Foods, JAMB to Reward Seven Outstanding Undergraduates with N35m

Published

on

Rite foods stamp black

By Adedapo Adesanya

Nigerian food and beverage company, Rite Foods Limited, has partnered with the Joint Admissions and Matriculation Board (JAMB) to reward seven exceptional Nigerian undergraduates with a total of N35 million in recognition of their outstanding academic performance during the 2025 admission exercise.

The seven beneficiaries, who emerged through a transparent and merit-based selection process coordinated by JAMB, will each receive N5 million at the maiden edition of the Academic Excellence Recognition Award Ceremony, scheduled to hold on Tuesday, June 30, in Lagos.

Announcing the initiative, JAMB’s Public Communication Adviser, Mr Fabian Benjamin, said the award celebrates students who distinguished themselves through exceptional performance in both the 2025 Unified Tertiary Matriculation Examination (UTME) and their respective Post-UTME or institutional screening exercises.

“The seven beneficiaries will each receive N5 million in recognition of their exceptional academic performance. This partnership with Rite Foods reflects our shared commitment to rewarding merit, promoting academic excellence, and inspiring young Nigerians to pursue excellence in their educational journey,” Mr Benjamin said.

Speaking on the partnership, the Head of Corporate Affairs and Sustainability at Rite Foods Limited, Mr Ekuma Eze, said the company remains committed to investing in initiatives that recognise excellence and empower the next generation of leaders.

“At Rite Foods, we believe excellence should be celebrated and encouraged. Through this partnership with JAMB, we are proud to reward these exceptional students and reinforce the message that hard work, discipline, and excellence will always be recognised. Beyond producing quality brands, we are committed to creating opportunities that inspire young Nigerians to achieve their full potential,” he said.

The award recipients represent Nigeria’s six geopolitical zones, while the seventh award will be presented to the highest-performing admitted candidate living with a disability, reflecting the initiative’s commitment to merit, inclusion, and national development.

The ceremony is expected to bring together the Minister of Education, the outgoing JAMB Registrar, Professor Is-haq Oloyede, vice-chancellors, heads of regulatory agencies, education stakeholders, corporate leaders, students, and members of the media.

Continue Reading

Trending